Freight rates likely to decline

THE DECLINE in deepsea container rates accelerated in December, according to the ocean container ship pricing index compiled by UK consultancy, Clarksons. They report that rates in December were 29% down year-on-year, compared with falls of 26% in November and 15% in October. Market analysts predict that ocean freight pricing should continue to decline due to the massive scheduled amount of capacity due to enter the market over the next two years.